Summit Global Investments Acquires 2,317 Shares of Progressive Corp (NYSE:PGR)

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Summit Global Investments grew its holdings in Progressive Corp (NYSE:PGR) by 4.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 59,444 shares of the insurance provider’s stock after acquiring an additional 2,317 shares during the period. Summit Global Investments’ holdings in Progressive were worth $4,285,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PGR. Vanguard Group Inc grew its position in Progressive by 1.4% in the third quarter. Vanguard Group Inc now owns 42,481,196 shares of the insurance provider’s stock worth $3,017,865,000 after acquiring an additional 582,761 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Progressive by 54.9% during the fourth quarter. Advisors Asset Management Inc. now owns 59,209 shares of the insurance provider’s stock valued at $3,572,000 after buying an additional 20,976 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Progressive by 70.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 41,524 shares of the insurance provider’s stock valued at $2,505,000 after buying an additional 17,105 shares during the period. BB&T Securities LLC boosted its position in shares of Progressive by 7.0% during the fourth quarter. BB&T Securities LLC now owns 11,972 shares of the insurance provider’s stock valued at $722,000 after buying an additional 785 shares during the period. Finally, Capital Investment Advisory Services LLC purchased a new position in shares of Progressive during the fourth quarter valued at approximately $33,000. 79.11% of the stock is owned by institutional investors and hedge funds.

In related news, insider Michael D. Sieger sold 7,500 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $79.16, for a total value of $593,700.00. Following the transaction, the insider now directly owns 68,969 shares of the company’s stock, valued at approximately $5,459,586.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 1,715 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $78.49, for a total transaction of $134,610.35. Following the completion of the sale, the director now directly owns 2,464 shares in the company, valued at $193,399.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 131,350 shares of company stock worth $10,089,257. 0.39% of the stock is owned by insiders.

Shares of PGR stock traded up $0.29 during trading hours on Friday, reaching $81.93. 47,746 shares of the company’s stock were exchanged, compared to its average volume of 2,665,503. The company has a market cap of $47.38 billion, a PE ratio of 18.52, a PEG ratio of 2.13 and a beta of 0.74. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $84.30.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.45. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The firm had revenue of $9.24 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same period in the prior year, the firm earned $1.22 EPS. The firm’s revenue was up 16.0% on a year-over-year basis. On average, equities analysts forecast that Progressive Corp will post 5.2 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is 9.05%.

A number of analysts recently issued reports on the company. B. Riley boosted their price target on Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a report on Thursday. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a report on Thursday, June 6th. Zacks Investment Research lowered Progressive from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a report on Monday, May 27th. UBS Group boosted their price objective on shares of Progressive from $85.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Finally, Buckingham Research set a $64.00 price objective on shares of Progressive and gave the stock a “hold” rating in a research note on Monday, May 13th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $81.00.

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About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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